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Russia’s President Vladimir Putin affirmed the
potential of Bitcoin, saying the rise of the top cryptocurrency
Putin represents an inevitable progress in technology.

For Russia, cryptocurrencies are more than just innovation; they are also a strategy to counter sanctions and reduce dependence on the dollar. “Who can ban Bitcoin? Nobody,” Russian President Vladimir Putin was quoted as saying at the VTB Investment forum, according to local news agency Taas.

Putin’s remarks highlighted his belief that digital
currencies are a natural evolution in global finance. He reportedly said that
these instruments will develop regardless of the dollar.

Evolution of Global Finance

According to the Russian president, the need to reduce
costs and enhance reliability ensures the continued growth of Bitcoin and other
electronic payment tools. This stance reflects a broader shift in Russian
financial policy. The country has now embraced cryptocurrencies as a way to
bypass restrictions imposed by Western countries.

BREAKING: 🇷🇺 Russian President Putin says “Who can ban #Bitcoin? Nobody.” pic.twitter.com/6mJ664BZZ8

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024

Putin’s administration recently signed laws
recognizing digital currencies as property for foreign trade, exempting crypto
mining from value-added tax (VAT), and establishing a clear regulatory
framework.

Russia’s legislative push into digital currencies aims
to create a controlled but supportive environment for their use. In August,
Putin also signed laws legalizing crypto mining and enabling the Central Bank
to pilot cross-border transactions using cryptocurrency.

These moves aim to facilitate international trade,
even with countries hesitant to defy Western sanctions. The tax framework is a
key part of this initiative. Individuals earning less than 2.4 million rubles
($22,300) in cryptocurrency profits reportedly face a 13% tax in the country, while higher
earners are taxed at 15%. Corporations engaging in crypto transactions will pay
a 25% tax starting next year.

2022: Russia’s central bank proposed banning #Bitcoin and crypto mining.2024: Putin signs law legalizing Bitcoin and crypto mining in Russia 🇷🇺 pic.twitter.com/Q2lPrUaU5W

— Bitcoin Magazine (@BitcoinMagazine) August 8, 2024

A Shift Away from the Dollar

Putin explicitly linked the rise of digital currencies
to the declining global use of the US dollar, although he argued that this
shift is driven by US policies rather than external forces. Cryptocurrency also offers Russia an alternative route
to acquire restricted goods and bypass US influence over global financial
systems.

With supportive legislation and economic strategy,
Russia aims to strengthen its role in the cryptocurrency market. However, for Putin,
the rise of Bitcoin and other digital currencies is important for Russia’s
financial independence.

In June, the Moscow Exchange paused trading in dollars and euros following the sanctions imposed by the US after Russia invaded Ukraine. This move suspended all exchange trading and settlement of deliverable instruments in US dollars and euros. The US mentioned that the measures were aimed at disrupting the financial
mechanisms facilitating Russia’s military supply chain.

This article was written by Jared Kirui at www.financemagnates.com.

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Wall Street Bitcoin miner Hut 8 Corp. has revealed key
capital market updates. The company has launched an “at-the-market” (ATM)
equity offering program, a stock repurchase program, and filed a shelf
registration statement with the SEC.

Hut 8 Introduces Stock Repurchase Program

The ATM program allows Hut 8 to issue shares of its common
stock worth up to $500 million through sales on the Nasdaq Global Select Market
or other approved methods.

Proceeds will fund growth initiatives, such as
acquiring energy assets, developing infrastructure, and purchasing Bitcoin.
Funds may also cover general expenses, debt repayment, and other investments.

Hut 8’s $250 million stock repurchase program enables the
buyback of up to 4.68 million shares, or 5% of the outstanding stock, over the
next year. Repurchases will occur via Nasdaq at market prices.

“The launch of the ATM Program and Stock Repurchase Program
have equipped the business with two powerful tools that we believe bolster our
ability to navigate the volatile markets in which we operate,” said Asher
Genoot, CEO of Hut 8.

SEC Registration Filed for Compliance

The company secured Coatue Tactical Solutions’ consent for
the stock repurchase plan, as required under their convertible note agreement.
Coatue waived its right to register the common stock linked to its note.

Hut 8 has filed a Form S-3ASR registration statement with
the SEC, enabling sales under the ATM program and ensuring compliance with
securities laws in the United States and Canada.

Both programs depend on market conditions, stock prices, and
liquidity. Hut 8 retains flexibility to adjust or suspend these initiatives
without notice.

🟢Publicly traded @Hut8Corp to raise up to $500 million and buy #Bitcoin $BTC as a strategic reserve asset. pic.twitter.com/RPoETu2lyy

— Blockviews (@blockviews) December 4, 2024

Bitcoin Miners Hut 8 and Bitfarms Face Challenges in Q3 2024

In Q3 2024, Hut
8 Corp. and Bitfarms Ltd took different approaches in response to market
challenges, leading to contrasting results. Both companies demonstrated
resilience post-halving but did not achieve profitability, despite increased
revenues, as reported by Finance
Magnates.

Hut 8 generated $43.7 million in revenue and a net income of
$0.9 million, benefiting from operational efficiency and diversification into
AI and high-performance computing.

Meanwhile, Bitfarms recorded $45 million in revenue but
incurred a net loss of $37 million, as its expansion and fleet upgrades
increased operational costs, raising the production cost per Bitcoin to $52,400
in Q3 from $47,300 in Q2. However, Bitfarms experienced operational growth,
increasing its hashrate to 11.9 EH/s from 10.4 EH/s in Q2.

This article was written by Tareq Sikder at www.financemagnates.com.

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India’s crackdown on tax evasion by cryptocurrency
exchanges uncovered nearly $97 million in unpaid goods and services tax (GST). Among
the companies named are major players Binance and WazirX.

The country’s Minister of State for Finance, Pankaj
Chaudhary, revealed that investigations into 17 cryptocurrency firms have
uncovered widespread tax non-compliance. According to the report by the Economic Times, of the
$97 million in evaded taxes, approximately $14 million has been recovered
through penalties, interest, and settlements.

A Broader Crackdown

WazirX, a well-known Indian exchange, accounted for
$4.8 million of unpaid GST but has reportedly paid an additional 20% in
penalties, bringing its total settlement to $5.8 million.

Other firms like CoinDCX and CoinSwitch Kuber were
also implicated but promptly paid their dues. However, Binance, the world’s
largest crypto exchange, has yet to settle its colossal $85 million tax bill.

This tax evasion scandal is part of a larger push by
India to regulate its booming crypto industry. In 2022, the government
introduced stringent crypto tax rules, including a 30% flat tax on gains and a
1% tax deductible at source for every crypto transfer.

These measures aim to ensure better transparency and
compliance but have drawn criticism for their harshness. Crypto investors also
face significant hurdles under the new regime.

Losses in digital assets cannot be offset against
gains, and gifts in cryptocurrency are taxable in the recipient’s hands. The
lack of clear implementation guidelines for non-exchange wallets has reportedly
complicated the matters.

Potential of CBDCs

While tightening tax regulations, India is also
exploring the potential of central bank digital currencies. The Reserve Bank of India plans to launch a
digital rupee in the coming year, positioning it as a boost to the digital
economy and an efficient alternative to traditional currency management.

The Indian government specified in its crypto tax law
that the 30% levy will be available on the transfer of virtual assets from the
financial year 2022-2023. According to Finance Minister Nirmala Sitaraman: “Any
income from virtual digital assets is taxable at 30 percent.”

Additionally, the regulation does not provide tax deductions or exemptions for crypto income available to Indian taxpayers. And
any gifts made in cryptocurrency are taxable.

This article was written by Jared Kirui at www.financemagnates.com.

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